The Ukrainian Government signed a deal with US energy giant Chevron this week to extract shale gas from the Olesska field in western Ukraine according to reports.
Chevron agreed to initially invest $350 million (£218 m) in exploration as part of the production-sharing agreement. Total investment in extraction as well as exploratory drilling is expected to hit $10 billion (£6.23 bn).
The field could eventually produce 10 billion cubic metres of gas each year, Oil Price reported.
The Ukrainian Government is aiming to wean the country off expensive Russian gas imports and signed a similar production-sharing agreement with Shell to extract shale gas from the Yuzivska field in January last year.